Tech in Africa
Interswitch will resume its investments in Africa after a four-year absence. The Africa-centered digital payments company will rely on a more strategic approach with their return. They intend to solely focus on companies they feel their expertise is of value. A certified team has been assembled to revive its venture arm.
In 2015, the fintech company launched a $10 million fund venture fund that saw it acquire startups such as Vanso the following year. Interswitch began operating in Lagos back in 2002 and has since expanded to over 23 countries.
The company prides itself in its ability to build alliances and has no immediate plans of overseeing an IPO. Earlier this year Interswitch announced a partnership with American Express where it makes its cards more relevant to users by leveraging their Nigerian platform.
In 2019, Visa invested $200 million into the company raising its valuation to $1 billion. According to TechCrunch, Interswitch’s CEO, Mitchell Elegbe disclosed the company’s focus on products tailored for Africa.
There have been several attempts made at going for an IPO. The first was in 2017 and was hampered by market volatility. A second attempt in 2019 slated for early 2020 failed to materialize arguably due to the COVID-19 pandemic. In February, Interswitch listed a ₦23billion bond on the Nigerian Stock Exchange (NSE)
